NFP Corp., an insurance broker and provider of wealth management, retirement and estate planning services, plans to acquire wealth advisory firm Bronfman E.L. Rothschild LP. The transaction is expected to close in the second quarter of 2019.
NFP will integrate Bronfman Rothschild with its subsidiary Sontag Advisory LLC, a New York-based wealth manager, investment advisor, consultant, and fiduciary. The combined entity will be led by the Sontag and Bronfman Rothschild management teams and will have approximately $10 billion in combined assets for a range of individual and institutional clients.
Sontag has approximately $5 billion in assets under management and 10 financial advisers, while Bronfman Rothschild’s 45 advisers manage roughly $6 billion in client assets.
Howard Sontag, chairman of Sontag, will become chairman of the combined entity; Mike LaMena, president and chief operating officer of Bronfman Rothschild, will become chief executive officer; and Eric Sontag will become president and chief operating officer. A new brand strategy for the combined firms and their shared values will launch later in 2019.
Bronfman Rothschild is an independent registered investment advisor based in Rockville, Maryland, with offices throughout the Midwest and East Coast, and provides advisory services to high net worth individuals, families, institutions and retirement plans.
“NFP continues to seize opportunities across all our businesses to strengthen capabilities and increase scale,” said Doug Hammond, chairman and CEO of NFP. “The vision to integrate two successful firms like Sontag and Bronfman Rothschild is now a reality that will drive tremendous growth in our wealth advisory business. Their common values and demonstrated client focus provide a strong foundation for even greater success together.”
NFP has more than has more than 4,900 employees and provides employee benefits, property and casualty, retirement and individual solutions through its licensed subsidiaries and affiliates.